Philip Morris International agreed to buy UK asthma drug maker Vectura Group Plc for $1.2 billion (R17 billion), one of the biggest moves yet by a tobacco company toward treating conditions that its cigarettes can help cause. Philip Morris is offering 150 pence in cash for every Vectura share, the companies said in a statement Friday. Philip Morris makes Marlboro cigarettes sold outside the US, and the company was formed when Altria Group Inc. spun off its international business in 2008. After pushing into smoking alternatives, now Philip Morris is expanding beyond nicotine in an attempt to establish some health credentials. BofA Securities advised Philip Morris.

Source: News 24 July 09, 2021 08:48 UTC